Harvest Portfolios Group Inc. Has $24.24 Million Stake in Shopify Inc. $SHOP

Harvest Portfolios Group Inc. lifted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 54.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 150,542 shares of the software maker’s stock after purchasing an additional 52,873 shares during the period. Harvest Portfolios Group Inc.’s holdings in Shopify were worth $24,239,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Shopify by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock valued at $8,158,643,000 after buying an additional 743,803 shares during the period. Jennison Associates LLC lifted its holdings in Shopify by 64.3% in the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after buying an additional 7,403,821 shares during the period. TD Asset Management Inc lifted its holdings in Shopify by 1.4% in the third quarter. TD Asset Management Inc now owns 8,528,510 shares of the software maker’s stock valued at $1,267,327,000 after buying an additional 118,836 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in Shopify by 3.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,588,934 shares of the software maker’s stock valued at $978,679,000 after purchasing an additional 213,315 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in Shopify by 4.4% in the third quarter. Legal & General Group Plc now owns 6,188,885 shares of the software maker’s stock worth $919,665,000 after purchasing an additional 260,968 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Trading Down 1.3%

Shopify stock opened at $101.01 on Wednesday. The company has a market cap of $131.08 billion, a P/E ratio of 100.01, a price-to-earnings-growth ratio of 2.87 and a beta of 2.64. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19. The company has a fifty day simple moving average of $117.88 and a 200 day simple moving average of $137.06.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $998.78. Shopify had a net margin of 10.77% and a return on equity of 12.07%. The company had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.08 billion. On average, equities research analysts forecast that Shopify Inc. will post 1.36 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Canaccord Genuity Group cut their target price on shares of Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Robert W. Baird set a $150.00 target price on shares of Shopify in a report on Wednesday, May 6th. Citizens Jmp cut their target price on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating on the stock in a report on Wednesday, May 6th. Phillip Securities upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 18th. Finally, ATB Cormark Capital Markets upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating in a report on Tuesday, February 10th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $158.42.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.